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I think annual reviews can be effective and productive, but that very much depends on the individuals and the organization. I've had managers who used them to offer useful feedback and they would give direction and encouragement. I've also had managers who just did them as a perfunctory chore and those reviews weren't really a good use of the time, to be honest.
I think they’re useful for defending yourself from malicious firing practices if you get stuck with management you don’t like. In my reviews I always highlight and make sure it’s attached to the living document all the praises I have had sung about me through the year to avoid any future character slander that could happen if I end up working with someone who doesn’t like me.
I see them as a waste of time. With good management, the problems brought up in annual performance reviews should have already been addressed. It’s framed as something that benefits you and helps you grow as a person, but it’s actually just a tool for justifying cutting your pay or laying you off.